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Related Issuers
Acolman, Municipality of
Aguas del Municipio de Durango
Aguascalientes, Municipality of
Baja California, State of
Benemerita Universidad Autonoma de Puebla
Benito Juarez (Cancun), Municipality of
Campeche, Municipality of
CAPAMA
Centro, Municipality of (Villahermosa)
Chiapas, State of
Chihuahua, State of
Ciudad de Mexico
Coacalco, Municipality of
Coatzacoalcos, Municipality of
COMAPA Z.C.
Corregidora, Municipality of
Cuautla, Municipality of
Culiacan, Municipality of
Dexia Credito Local Mexico, S.A. de C.V.
Durango, Municipality of
Ecatepec de Morelos, Municipality of
Guadalupe, Municipality of
Guanajuato, State of
Guasave, Municipality of
Guerrero, State of
Hidalgo, State of
Ixtapaluca, Municipality of
Jalisco, State of
Lazaro Cardenas, Municipality of
Leon, Municipality of
Merida, Municipality of
Mexico, State of
Nayarit, State of
Nicolas Romero, Municipality of
Nuevo Leon, State of
Oaxaca de Juarez, Municipality of
Oaxaca, State of
Puebla, State of
Queretaro, Municipality of
Queretaro, State of
Ramos Arizpe, Municipality of
Reynosa, Municipality of
San Luis Rio Colorado, Municipality of
San Pedro Garza Garcia, Municipality of
SIAPA
Sinaloa, State of
SOAPAP
Sonora, State of
Tabasco, State of
Tamaulipas, State of
Tecamac, Municipality of
Tlalnepantla, Municipality of
Tlaquepaque, Municipality of
Tlaxcala, State of
Toluca, Municipality of
Tuxpan, Municipality of (VeraCruz)
Tuxtla Gutierrez, Municipality of
Veracruz, State of
Zacatecas, Municipality of
Zacatecas, State of
Zapopan, Municipality of
Zapotlan el Grande, Municipality of
Zitacuaro, Municipality of
Rating Action:

Moody's affirmed the issuer and debt ratings of Mexican state and municipal governments and government related issuers

 The document has been translated in other languages

07 Jun 2019

Mexico, June 07, 2019 -- Moody's de México (Moody's) affirmed the issuer and debt ratings of Mexican states and municipalities and government related issuers. At the same time the baseline credit assessments (BCA) for the 55 Mexican states and municipalities and one university were affirmed. As a result of its review, Moody's affirmed the A3/Aaa.mx (Global Scale, local currency/ Mexico National Scale) debt ratings of Ciudad de Mexico (Mexico City) and Dexia Credito Local Mexico, S.A. de C.V, their outlook was changed to negative from stable:

MXN 2.521 billion bond issuance (original face value) under the program GDFCB10-2.

MXN 2.5 billion bond issuance (original face value) under the program GDFECB12.

MXN 2.126 billion bond issuance (original face value) under the program GDFECB13.

MXN 2.5 billion bond issuance (original face value) under the program GDFECB 14.

MXN 1.382 billion bond issuance (original face value) under the program GDFECB 15.

MXN 2.5 billion bond issuance (original face value) under the program GDFECB 15-2.

MXN 1 billion bond issuance (original face value) under the program GCDMXCB 16V.

MXN 1.5 billion bond issuance (original face value) under the program GCDMXCB 18V.

MXN 7 billion (original face value) securitization of a loan from Dexia Credito Local Mexico, S.A. de C.V. to Mexico City, Mexico CBPF48.

In addition, Moody's affirmed the issuer ratings in Global Scale (local currency) and Mexico National Scale of 55 Mexican states and municipalities, one university and 5 water companies, and maintained their outlooks.

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_203445 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

Finally, Moody's affirmed the debt ratings of 86 enhanced loans. Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_203444 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

Today's action follows Moody's rating action on June 5, 2019, in which the agency affirmed Mexico's government bond rating of A3, and changed the outlook to negative from stable. (For full details, please see "Moody's changes Mexico's outlook to negative from stable; affirms A3 ratings").

RATINGS RATIONALE

Please click on these links http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_203445 and http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_203444 for the Lists of Affected Credit Ratings. These lists are an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

• Methodology

RATING RATIONALE FOR MEXICO CITY

Under the legal framework governing Mexico City, the Government of Mexico is the direct obligor of all debt incurred by Mexico City. Accordingly, the rating fully reflects the credit quality of the Federal Government.

RATIONALE FOR THE AFFIRMED RATINGS AND MAINTAINED OUTLOOKS FOR 55 STATES AND MUNICIPALITIES

The ratings affirmation and the maintained outlooks reflects Moody´s expectations of sustained federal transfers to Mexican sub-sovereigns that will continue to grow in 2019-20, albeit at a slower pace reflecting Mexico's economic slowdown. Non-earmarked federal transfers, or "participaciones" are linked to economic growth and represent a share of the pool of federal taxes and oil revenues. For 2019-20 under our base scenario, participaciones will remain in line with budgeted amounts and any potential shortfall would be covered by an existing contingency fund Fondo de Estabilización de los Ingresos de las Entidades Federativas (FEIEF). FEIEF amounts to MXN 91.6 million which covers a shortfall of up to 10% of participaciones. Moody's foresees participaciones growing steadily.

The affirmation also reflects our view that the institutional framework governing Mexican sub-sovereigns in the following 12-18 months will remain stable and overall supportive of the sector.

RATIONALE FOR THE Benemérita Universidad Autónoma de Puebla

The ratings affirmation and the maintained outlook for the Benemérita Universidad Autónoma de Puebla (Baa3/Aa3.mx stable) reflects the affirmation of the ratings and outlook of its supporting government, the state of Puebla (Baa3/Aa3.mx stable).

RATIONALE FOR THE FIVE WATER COMPANIES

The ratings affirmation and the decision of maintaining the outlooks for the water companies reflect the affirmation of the ratings of their support providers. The water companies SIAPA (Ba1/A1.mx), COMAPA Z.C. (Ba2/A2.mx), CAPAMA (B3/B1.mx), Aguas del Municipio de Durango (Ba2/A2.mx) and SOAPAP (Baa3/Aa3.mx) have strong linkages with their support providers: the state of Jalisco (Ba1/A1.mx stable), the state of Tamaulipas (Ba1/A1.mx stable), the municipality of Acapulco, the municipality of Durango (Ba2/A2.mx stable) and the state of Puebla (Baa3/Aa3.mx stable), respectively.

RATIONALE FOR ENHANCED LOANS

The affirmation of the enhanced loans reflects the affirmation of all issuer ratings in our portfolio. As per Moody's methodology, issuer ratings are the starting point to assign debt ratings (refer to https://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1078313).

WHAT COULD CHANGE THE RATINGS UP/DOWN

Further deterioration in the sovereign environment, expectations of weaker economic growth or any other event resulting in a downgrade of the bond rating of the government of Mexico would exert negative pressure on the sub-sovereign sector as a whole and would likely prompt the rating agency to review all current ratings and outlooks.

Given the negative outlook on Mexico's sovereign bond rating, Moody's does not expect an upgrade on Mexico's City debt ratings. However, an upgrade or downgrade on Mexico's ratings will exert upward or downward pressure on Mexico's City debt ratings.

An improvement of the financial and debt metrics of states and municipalities could exert upward pressure on their ratings. Conversely, a deterioration of the financial and debt metrics of states, municipalities and the public university could exert downward pressure on their ratings.

Given the strong financial linkages between the five water companies and the public university and their respective support providers, an upgrade/downgrade of the support providers' ratings could result in an upgrade/downgrade of the issuer ratings of the water companies and the university.

Given the links between the loans and the credit quality of the obligors, an upgrade/downgrade of the issuer ratings could exert upward/downward pressure on the debt ratings of the enhanced loans. Also, if debt service coverage metrics improve or fall materially below Moody's expectations, the ratings could face upward/downward pressure. For enhanced loans rated at the country ceiling of A3 on the global scale, the ratings could be downgraded if the sovereign rating is downgraded.

The principal methodology used in rating the Mexico RLGs' issuer ratings was Regional and Local Governments published in January 2018.

The principal methodologies used in rating the enhanced loans were Regional and Local Governments published in January 2018, and Rating Methodology for Enhanced Municipal and State Loans in Mexico published in July 2017.

The principal methodologies used in rating Benemerita Universidad Autonoma de Puebla were Higher Education published in December 2017 and Government-Related Issuers published in June 2018.

The principal methodology used in rating the water companies was Government-Related Issuers published in June 2018. Please see the Rating Methodologies page on www.moodys.com.mx for a copy of these methodologies.

The period of time covered in the financial information used to determine state, municipality, water company and public university ratings is between 01/01/2014 and 12/31/2018 (source: financial statements). The period of time covered in the financial information used to determine enhanced loan ratings is between 01/01/2014 and 12/31/2018 (source: financial statements).

Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in May 2016 entitled "Mapping National Scale Ratings from Global Scale Ratings". While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default rates associated with different global scale rating categories over different investment horizons, please see http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1174796.

REGULATORY DISCLOSURES

Information sources used to prepare the rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's information.

The ratings have been disclosed to the rated entities prior to public dissemination.

A general listing of the sources of information used in the rating process, and the structure and voting process for the rating committees responsible for the assignment and monitoring of ratings can be found in the Disclosure tab in www.moodys.com.mx.

The date of the last Rating Action for Acolman, Municipality of was 12/04/2018

The date of the last Rating Action for Aguascalientes, Municipality of was 12/04/2018

The date of the last Rating Action for Aguas del Municipio de Durango (AMD) of was 12/04/2018

The date of the last Rating Action for Baja California, State of was 11/09/2018

The date of the last Rating Action for Benemerita Universidad Autonoma de Puebla was 12/04/2018

The date of the last Rating Action for Benito Juarez (Cancun), Municipality of was 12/04/2018

The date of the last Rating Action for Campeche, Municipality of was 21/05/2019

The date of the last Rating Action for CAPAMA was 12/04/2018

The date of the last Rating Action for Centro, Municipality of (Villahermosa) was 12/04/2018

The date of the last Rating Action for Chiapas, State of was 29/10/2018

The date of the last Rating Action for Chihuahua, State of was 27/07/2018

The date of the last Rating Action for Coacalco, Municipality of was 12/04/2018

The date of the last Rating Action for Coatzacoalcos, Municipality of was 12/04/2018

The date of the last Rating Action for COMAPA Z.C. was 12/04/2018

The date of the last Rating Action for Corregidora, Municipality of was 12/04/2018

The date of the last Rating Action for Cuautla, Municipality of was 12/04/2018

The date of the last Rating Action for Culiacan, Municipality of was 20/08/2018

The date of the last Rating Action for Dexia Credito Local Mexico, S.A. de C.V. was 12/04/2018

The date of the last Rating Action for Durango, Municipality of was 12/04/2018

The date of the last Rating Action for Ecatepec de Morelos, Municipality of was 17/05/2019

The date of the last Rating Action for Guadalupe, Municipality of was 9/07/2018

The date of the last Rating Action for Guanajuato, State of was 12/04/2018

The date of the last Rating Action for Guasave, Municipality of was 12/04/2018

The date of the last Rating Action for Guerrero, State of was 12/04/2018

The date of the last Rating Action for Hidalgo, State of was 12/04/2018

The date of the last Rating Action for Ixtapaluca, Municipality of was 7/09/2018

The date of the last Rating Action for Jalisco, State of was 12/07/2018

The date of the last Rating Action for Lazaro Cardenas, Municipality of was 20/09/2018

The date of the last Rating Action for Leon, Municipality of was 12/04/2018

The date of the last Rating Action for Merida, Municipality of was 12/04/2018

The date of the last Rating Action for Ciudad de Mexico was 26/10/2018

The date of the last Rating Action for Mexico, State of was 28/12/2018

The date of the last Rating Action for Nayarit, State of was 27/12/2018

The date of the last Rating Action for Nicolas Romero, Municipality of was 12/04/2018

The date of the last Rating Action for Nuevo Leon, State of was 20/12/2018

The date of the last Rating Action for Oaxaca de Juarez, Municipality of was 12/04/2018

The date of the last Rating Action for Oaxaca, State of was 24/01/2019

The date of the last Rating Action for Puebla, State of was 12/04/2018

The date of the last Rating Action for Queretaro, Municipality of was 12/04/2018

The date of the last Rating Action for Queretaro, State of was 12/04/2018

The date of the last Rating Action for Ramos Arizpe, Municipality of was 10/07/2018

The date of the last Rating Action for Reynosa, Municipality of was 8/10/2018

The date of the last Rating Action for San Luis Rio Colorado, Municipality of was 23/07/2018

The date of the last Rating Action for San Pedro Garza Garcia, Municipality of was 12/04/2018

The date of the last Rating Action for Sinaloa, State of was 3/12/2018

The date of the last Rating Action for SIAPA was 16/07/2018

The date of the last Rating Action for SOAPAP was 12/04/2018

The date of the last Rating Action for Sonora, State of was 27/08/2018

The date of the last Rating Action for Tabasco, State of was 02/09/2018

The date of the last Rating Action for Tamaulipas, State of was 12/04/2018

The date of the last Rating Action for Tecamac, Municipality of was 22/08/2018

The date of the last Rating Action for Tlalnepantla, Municipality of was 12/04/2018

The date of the last Rating Action for Tlaquepaque, Municipality of was 1/08/2018

The date of the last Rating Action for Tlaxcala, State of was 12/04/2018

The date of the last Rating Action for Toluca, Municipality of was 12/04/2018

The date of the last Rating Action for Tuxpan, Municipality of (Veracruz) was 7/12/2018

The date of the last Rating Action for Tuxtla Gutierrez, Municipality of was 12/04/2018

The date of the last Rating Action for Veracruz, State of was 30/08/2018

The date of the last Rating Action for Zacatecas, Municipality of was 12/04/2018

The date of the last Rating Action for Zacatecas, State of was 12/04/2018

The date of the last Rating Action for Zapopan, Municipality of was 17/08/2018

The date of the last Rating Action for Zapotlan el Grande, Municipality of was 12/04/2018

The date of the last Rating Action for Zitacuaro, Municipality of was 29/04/2019

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.mx.

For any affected securities or rated entities receiving direct credit support from the primary entity (ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

These credit ratings are subject to upgrade or downgrade based on future changes in the financial condition of the Issuer/Security, and said modifications will be made without Moody's de México S.A. de C.V accepting any liability as a result.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com.mx, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued the ratings.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on www.moodys.com.mx for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com.mx for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see our website www.moodys.com.mx for further information.

Please see www.moodys.com.mx for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

The ratings issued by Moody's de Mexico are opinions regarding the credit quality of securities and/or their issuers and not a recommendation to invest in any such security and/or issuer.

Please see the ratings tab on the issuer/entity page on www.moodys.com.mx for additional regulatory disclosures for each credit rating.

Nuvia Martinez Reyes
Analyst
Sub-Sovereigns Group
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 1 888 779 5833
Client Service: 1 212 553 1653

David Rubinoff
MD - Sub Sovereigns
Sub-Sovereigns Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 1 888 779 5833
Client Service: 1 212 553 1653

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

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Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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